金程CFA
2012年6月CFA一级强化班Equity-何旋
何旋职称：金程教育高级培训师、通过CFA三级、通过FRM 工作经验：2009年至今，担任金程教育CFA（注册金融分析师）高级培训师，主要负责《经济 学》、《固定收益》、《衍生产品》和《组合管理》的课程讲解；2007年2011年4月，在金程教 育金融研究院内担任研究员，主要负责包括CFA项目研发以及的相关内训课程的课程体系开 发，主要项目经验包括：摩根史丹利项目（组长）：组织小组内成员定期讨论；搜集金融基础 知识方面的英文资料，撰写英文课件，确保项目质量；中国银行项目：负责企业财务报表粉饰 及合并报表、关联交易模块的研究与课件撰写；中国工商银行CFA培训项目：CFA一级二级辅 导员；金程教育CFA三级课程体系的整体开发及相关课件、资料制作；金融热点专题研究，包 括：次级债、IPO、一行三会等，形成研究报告，并开发相关课程（形成大纲，研究编写课件 及各类辅助材料）；基于内训客户的培训课程体系开发：南京银行、兴业基金、瑞穗实业银行 等。
授课：讲授CFA® Level I 20次，CFA® Level II 15次等。
授课范围广泛：经济学、固定收益投资、 衍生品投资、投资组合、资产配置、个人理财、数量分析等。
专业能力：金融理论知识扎实，在金融教学中有自己独到的方法。
多年对CFA考试体系的研究 使她全面掌握考试重点，尤其擅长经济学课程的讲授，能将复杂的理论具体化。
，在授课过程 中能够从考生角度出发，提供自己在备考过程中的经验和方法，帮助考生更好的准备考试。
客户：摩根史丹利、工商银行、中国银行、瑞穗实业银行、南京银行、兴业基金等。
联系方法：hexuanf@金程教育2012年CFA一级强化班讲义 Equity Investments讲师：何旋 地点： ■上海 □ 北京 □深圳上海金程国际金融专修学院12-161100% Contribution Breeds ProfessionalismCFA一级课程框架Study Session 1 Study Session 2-3 Study Session 4-6 Study Session 7-10 Study Session 11 Study Session 12 Study Session 13-14 Study Session 15-16 Study Session 17 Study Session 18 Ethics & Professional Standards Quantitative Methods Economic Analysis Financial Statement Analysis Corporate Finance Portfolio Management Equity Investments Fixed Income Analysis Derivative Investments Alternative InvestmentsTotal:Framework of Equity15 12 10 20 8 5 10 12 5 3100Study Session 13 — Market Organization, Indices and Efficiency• • • R47 Market Organization and Structure R48 Security Market Indices R49 Market EfficiencyStudy Session 14 — Equity Analysis and Valuation• • • R50 Overview of Equity Securities R51 Introduction to Industry and company Analysis R52 Equity Valuation: Concept and Basic Tool3-161100% Contribution Breeds Professionalism4-161100% Contribution Breeds ProfessionalismOutlook of R.47 Market Organization and StructureR.47.1 Characteristics of a Financial MarketR.47.1 Characteristics of a Financial Market R.47.2 Classification of assets and markets R.47.3 Organization of the securities market R.47.4 Instructions of transaction processes5-161100% Contribution Breeds Professionalism6-161100% Contribution Breeds ProfessionalismR.47.1 Characteristics of a Financial MarketLos 47.a: Explain the main functions of the financial systemR.47.1 Characteristics of a Financial MarketFirst function: fulfill different entities’ requirements• Risk management: Entities face risks from changing interest rates, currency management values, commodities values, and defaults on debt, among other things. So they would like to find a way to manage these risks. Hedgers enter a financial market with the purpose of reducing the risk of the transaction. Hedging instruments are available from exchanges, investment banks, insurance firms, and other institutions. • Exchanging assets: The financial market also allows entities to exchange assets assets with other entities. For example: currency exchange • Utilizing information: Investors with correctly analyzed information expect to information earn an additional return by identifying assets that are currently undervalued or overvalued.First function: fulfill different entities’ requirements function• Savings: stocks, bonds, certificates of deposit, real assets, and other assets are tools for Savings saving. Individuals save to gain interest. Firms save a portion of their profits for future expenditures. Borrowing: Borrow money from lenders who require collateral, take an equity position, Borrowing or investigate the credit risk of the borrower to protect themselves in case of borrower defaults. Individuals may borrow in order to buy a house or for other purposes. Firms may borrow to meet their finance capital expenditures and for other activities. Governments may issue debt to meet their expenditures. Issuing equity: Another method of raising capital beside borrowing is to issue equity, equity where the capital providers will share in any future profits. Investment bank help with issuance. Analysts value the equity. Regulators and accountants encourage the dissemination of information.7-161 100% Contribution Breeds Professionalism••8-161100% Contribution Breeds ProfessionalismR.47.1 Characteristics of a Financial MarketSecond function: Determine interest rates• Interest rates are justified according to the total supply of savings and the total demand of borrowings. • Equilibrium interest rate: rate when the interest rate at which the entities are willing to borrow is equal to the amount that entities are willing to lend, we say that the supply and demand are balanced, and such balanced interest rate is called the equilibrium interest rate. Equilibrium rates for different types of borrowing and lending will differ due to differences in risk, liquidity, and maturity.R.47.1 Characteristics of a Financial MarketThird function: Allocate capital to its most efficient uses• Investors have to weigh the expected risks and returns of different investments to determine their most preferred investments due to limited availability of capital. • This would result in an allocation to capital to its most valuable uses.9-161100% Contribution Breeds Professionalism10-161 10-100% Contribution Breeds ProfessionalismR.47.1 Characteristics of a Financial MarketLos d: Describe the types of financial intermediaries and the services that they provideR.47.1 Characteristics of a Financial MarketBrokers, Dealers and Exchange (Cont.)• Dealers: trade by buying for or selling from their own inventory and thus Dealers provide liquidity in the market and profit primarily from the differences of buy and sell prices. Dealers that trade with central banks to affect the money supply are referred to as primary dealers. dealers Broker-dealers: Some dealers also act as brokers. Broker-dealers have an inherent conflict of interest. Brokers: should seek the best prices for their clients; Dealers: are to profit through prices or spreads.Brokers, Dealers and Exchange• • • • • Brokers: Brokers help their clients buy and sell securities by finding Brokers counterparties to trades in a cost efficient manner. Block brokers: help with the placement of Large trades. Typically, large trades brokers are difficult to place without moving the market. Investment banks: help corporations sell common stock, preferred stock, and banks debt securities to investors. Exchanges: provide a venue whew traders can meet. Exchanges sometimes act Exchanges as brokers by providing electronic order matching. Alternative trading systems (ATS): serve the same trading function as exchanges but have no regulatory function, are also known as electronic communication networks (ECNs) or multilateral trading facilities (MTFs). ATS that do not reveal current client orders are known as dark pools. pools (used to reduce market impact)11-161 11100% Contribution Breeds Professionalism12-161 12-100% Contribution Breeds ProfessionalismR.47.1 Characteristics of a Financial MarketSecuritizers• Securitizers pool large amounts of securities or other assets together and sell interests in the pool to other investors. By securitizing the assets, the securitizer creates a diversified pool of assets with more predictable cash flows than the individual assets in the pool. This creates liquidity in the assets, because the ownership interests are more easily valued and traded. There are also economies of scale in the management costs of large pools of assets and potential benefits from the manager’s selection of assets.R.47.1 Characteristics of a Financial MarketSecuritizers (Cont.)• • Assets that are often securitized include mortgages, car loans, credit card receivables, bank loans, and equipment leases. A firm may set up a special purpose vehicle (SPV) or special purpose entity (SPE) to buy firm assets, which removes them from the firm’s balance sheet and may increase their value by removing the risk that financial trouble at the firm will give other investors a claim to the assets’ cash flows. Absorb deposits by paying interest on customer deposits Provide transaction services on one hand, and then make loans with the deposits on the other hand.Depository Institutions• •13-161 13-100% Contribution Breeds Professionalism14-161 14-100% Contribution Breeds ProfessionalismR.47.1 Characteristics of a Financial MarketInsurance Companies• • • Insurance companies collect insurance premiums in return for providing risk reduction to the insured. Such intermediaries are able to do this by pooling policyholders with uncorrelated risk of losses. Insurance firms also provide a benefit to investors by managing the risks: Moral hazard occurs because the insured may take more risks once they are protected against losses. Adverse selection occurs when those most likely to experience losses are the predominant buyers of insurance. In fraud, the insured purposely cause damage or claim fictitious losses so they can collect on their insurance policies.R.47.1 Characteristics of a Financial MarketArbitrageurs• • Arbitrageurs are intermediaries who seek to gain certain return without bearing any risk. In markets with good information, pure arbitrage is rare because traders will favor the markets with the best prices. Clearinghouses: act as buyers when customers want to sell assets and as sellers when customers want to buy assets, and thus limit counterparty risk. Custodians: also improve market integrity by holding client securities and Custodians preventing their loss due to fraud or other events that affect the broker or investment manager.Clearinghouses and Custodians• •15-161 15-100% Contribution Breeds Professionalism16-161 16-100% Contribution Breeds ProfessionalismR.47.1 Characteristics of a Financial MarketLos k. describe the characteristics of a well-functioning financial system A well functioned financial market:• allows entities to achieve their purposes.R.47.1 Characteristics of a Financial MarketLos l. describe the objectives of market regulation.Problems when there are no regulations Fraud and theft: the potential for theft and theft fraud increases because investment managers take advantage of unsophisticated investors. Objectives of market regulations Protect unsophisticated investors. Require minimum standards of competency to make it easier to perform valuation.Characteristics of a well functioned financial Market• Complete markets: Savers receive a return, borrowers can obtain capital. markets hedgers can manage risks, and traders can acquire needed assets. • Operational efficiency: Trading costs are low. efficiency • Informational efficiency: Prices reflect fundamental information quickly. efficiency • Allocational efficiency: Capital is allocated to its most productive use. efficiencyInsider trading: Investors would exit the Prevent insiders from exploiting other trading market and thus reduced liquidity if they believe investors. traders with inside information will exploit them. Costly information: If obtaining information is information relatively expensive, markets will not be as informationally efficient and investors will not invest as much. Defaults: Parties might not honor their Defaults obligations in markets. Require common financial reporting requirements.Require minimum levels of capital so that participants will honor long-term commitments.17-161 17-100% Contribution Breeds Professionalism18-161 18-100% Contribution Breeds ProfessionalismOutlook of R.47 Market Organization and StructureR.47.2 Classification of assets and marketsR.47.1 Characteristics of a Financial Market R.47.2 Classification of assets and markets R.47.3 Organization of the securities market R.47.4 Instructions of transaction processes19-161 19-100% Contribution Breeds Professionalism20-161 20-100% Contribution Breeds ProfessionalismR.47.2 Classification of assets and marketsLos 47.b.c: Describe classification of assets and markets Classification of assets-Financial Assets• Security (Fixed income vs. Equity Securities ) Fixed income securities: make sure the borrowed funds can be repaid securities Bonds Generally long-term (with maturity longer than 10 years) Notes Bills Commercial paper Certificates of deposit Intermediate term (with maturity between 2 to 10 years) Short term (with maturity less than 1 year) Short term issued by firms (with maturity less than 1-2 years) Issued by banksR.47.2 Classification of assets and marketsClassification of assets-Financial Assets-Security• Security (Fixed income vs. Equity Securities ) Equity securities: represent ownership in a firm securities Common stock Residual claim on a firm’s assets. Dividends are paid only after interest is paid to debt holders and dividends are paid to preferred stockholders. Debt holders and preferred stockholders have priority over common stockholders in the event of firm liquidation Is an equity security with scheduled dividends that typically do not change over the security’s life and must be paid before any dividends on common stock may be paid. Are similar to options in that they give the holder the right to buy a firm’s equity shares (usually common stock) at a fixed exercise price prior to the warrant’s expiration.Preferred stockRepurchase agreements Borrower sells a high quality asset and has both the right and obligation to repurchase it (at a higher price) in the future. Repurchase agreements can be for terms as short as one day. Convertible debt21-161 21-WarrantsIs debt that an investor can exchange for a specified number of equity shares of the issuing firm100% Contribution Breeds Professionalism 22-161 22100% Contribution Breeds ProfessionalismR.47.2 Classification of assets and marketsClassification of assets-Financial Assets-Security• Security (Fixed income vs. Equity Securities ) Pooled investment vehicles: vehicles individual securities can be combined in pooled investment vehicles. Include mutual funds, depositories, and hedge funds. The investor’s ownership interests are referred to as shares, units, depository receipts, or limited partnership interests.R.47.2 Classification of assets and marketsClassification of assets-Financial Assets-Security• Security (Fixed income vs. Equity Securities ) Pooled investment vehicles: vehicles Mutual funds are pooled investment vehicles in which investors can purchase shares, either from the fund itself (open-end funds) or in the secondary market (closed-end funds) trade like closed-end funds, but have special provisions allowing conversion into individual portfolio securities, or exchange of portfolio shares for ETF shares, that keep their market prices close to the value of their proportional interest in the overall portfolio. represent a claim to a portion of a pool of financial assets such as mortgages, car loans, or credit card debt. organized as limited partnerships( investors limited partners; fund manager general partner). Hedge funds often use leverage. Hedge fund managers are compensated based on the amount of assets under management as well as on their investment results.100% Contribution Breeds ProfessionalismExchange-traded funds (ETFs) & exchange-traded notes (ETNs) Asset-backed securities Hedge funds23-161 23-100% Contribution Breeds Professionalism24-161 24-ExampleThe Standard & Poor's Depositary Receipts (SPDRs) is an investment that tracks the S&P 500 stock market index. Purchases and sales of SPDRs during an average trading day are best described as: A. primary market transactions in a pooled investment. B. secondary market transactions in a pooled investment. C. secondary market transactions in an actively managed investment.R.47.2 Classification of assets and marketsClassification of assets-Financial Assets• Derivative Contract: Contract are agreements between two parties that require some action in the future, such as exchanging an asset for cash. Forward contract Futures contracts Swap contracts Option contracts Insurance contracts Credit default swaps Is an agreement to buy or sell an asset in the future at a price specified in the contract at its inception Are similar to forward contracts except that they are standardized, and are traded on an exchange so that they are liquid investments. A series of forward contracts Gives its owner the right to buy or sell an asset at a specific exercise price at some specified time in the future. Pays a cash amount if a future event occurs. They are used to hedge against unfavorable, unexpected events. Are a form of insurance that makes a payment if an issuer defaults on its bonds.100% Contribution Breeds Professionalism25-161 25-100% Contribution Breeds Professionalism26-161 26-R.47.2 Classification of assets and marketsClassification of assets-Real Assets• Commodity: Commodity Commodities are goods like precious metals, industrial metals, agricultural products, energy products, and credits for carbon reduction that are traded in spot, forward, and futures markets. Note: Spot markets are for immediate delivery while forwards, futures, and options markets are for the future delivery of physical and financial assets.R.47.2 Classification of assets and marketsClassification of assets-Real Assets (Cont.)• Real Assets: Assets Examples of real assets are real estate, equipment, and machinery. Characteristics: Provide income, tax advantage, diversification benefits Entail substantial management costs Require substantial due diligence before investing Investor may choose to buy real assets indirectly: REIT (real estate investment trust) MLP (master limited partnership)27-161 27-100% Contribution Breeds Professionalism28-161 28-100% Contribution Breeds ProfessionalismR.47.2 Classification of assets and marketsLos e. compare the positions an investor can take in an asset Long Position• • An investor who owns an asset, or has the right or obligation under a contract to purchase an asset, is said to have a long position. Benefit form an increase in the priceR.47.2 Classification of assets and marketsShort Position• For a short-sale, the procedure is as below: Borrow the stock through your broker and simultaneously sell it in the market. Return the stocks upon your brokers request Maintain the proceeds of short-sales as collateral. • • • Benefit from a decrease in the price Unlike a long position, the potential loss of a short sale is unlimited Payment-in-lieu: the received dividends and interests must be paid back to the Payment- in- lieu investor who lent the stockStock Lender Div.29-161 29100% Contribution Breeds Professionalism 30-161 30-Deposit Short Seller Interest Broker100% Contribution Breeds ProfessionalismR.47.2 Classification of assets and marketsLeveraged Positions• Margin Requirement: the required equity position is called the margin requirement. Initial Margin: a minimum amount of equity at the time of a new margin purchase Maintenance Margin: is the investor’s required equity position in the Margin account. Margin Call: if an investor’s margin account balance falls below the Call maintenance margin, the investor will receive a margin call and will be required to either liquidate the position or bring the account back to its maintenance (minimum) margin requirementR.47 Leverage ratioLos f. Calculate and interpret the leverage ratio, the rate of return on a margin transaction, and the security price at which the investor would receive a margin callLeverage ratioLeverage ratio=•value of the asset value of the equity positionPrice Triggering a Margin Call Margin Call Price for a Long Position⎛ 1 − IM ⎞ PL' = P0 ⎜ ⎟ ⎝ 1 − MM ⎠ Margin Call Price for a Short Position⎛ 1 + IM ⎞ PS' = P0 ⎜ ⎟ ⎝ 1 + MM ⎠31-161 31100% Contribution Breeds Professionalism 32-161 32100% Contribution Breeds ProfessionalismExampleA trader has purchased 200 shares of a non-dividend-paying firm on margin at a price of $50 per share. The leverage ratio is 2.5. Six months later, the trader sells these shares at $60 per share. Ignoring the interest paid on the borrowed amount and the transaction costs, what was the return to the trader during the six-month period? A. 20 percent.. B. 33.33 percent. C. 50 percent. The current price of a stock is $25 per share. You have $10,000 to invest. You borrow an additional $10,000 from your broker and invest $20,000 in the stock. If the maintenance margin is 30 percent, at what price will a margin call first occur? A. $9.62. B. $17.86. C. $19.71.33-161 33100% Contribution Breeds ProfessionalismR.47.2 Classification of assets and marketsLos i. describe the primary and secondary markets and explain how secondary markets support primary markets Classification of markets• Primary vs. Secondary markets Primary market: is the market where newly issued securities are sold. market Newly issued securities involve: IPO (initial public offerings): first-time issues by firms whose shares are not currently publicly traded. Seasoned offerings (secondary issues): new shares issued by firms whose shares are already trading in the marketplace. • Money vs. Capital markets • Traditional vs. Alternative markets34-161 34-100% Contribution Breeds ProfessionalismR.47.2 Classification of assets and marketsClassification of markets• Primary vs. Secondary markets • Money vs. Capital markets Money markets: refer to markets for debt securities with maturities of one markets year or less. Capital markets: refer to markets for longer-term debt securities and markets equity securities that have no specific maturity date. • Traditional vs. Alternative marketsR.47.2 Classification of assets and marketsClassification of markets• Primary vs. Secondary markets • Money vs. Capital markets • Traditional vs. Alternative markets Traditional investment markets: refer to markets for debt and equity. Alternative markets: refer to markets for hedge funds, commodities, real markets estate, collectibles, gemstones, leases, and equipment.35-161 35-100% Contribution Breeds Professionalism36-161 36-100% Contribution Breeds ProfessionalismOutlook of R.47 Market Organization and StructureR.47.3 Organization of the securities marketR.47.1 Characteristics of a Financial Market R.47.2 Classification of assets and markets R.47.3 Organization of the securities market R.47.4 Instructions of transaction processes37-161 37-100% Contribution Breeds Professionalism38-161 38-100% Contribution Breeds ProfessionalismR.47.3 Organization of the securities marketHow securities are sold through primary market• Sold Publicly : Underwritten Offering (the most common way) Best Efforts Indications of Interest • Sold Privately Private placement • Other transaction methods Shelf registration Dividend Reinvestment Plan Rights Offering Competitive bids Negotiated salesR.47.3 Organization of the securities marketHow securities are sold through primary market- Sold Publicly :• Difference between underwritten offering and best efforts Underwritten offering Obligated to buy the unsold portion Investment bank would prefer that the price be set low enough to gain more profit Best Efforts Not obligated to buy the unsold portion Investment bank sets the issue price as high as possible to raise the most funds for the issuer39-161 39-100% Contribution Breeds Professionalism40-161 40-100% Contribution Breeds ProfessionalismR.47.3 Organization of the securities marketHow securities are sold through primary market- Sold Publicly :• Indications of Interest Indications of interest: the investment bank finds investors who agree to interest buy part of the issue. This process of gathering indications of interest is called book building, building and the investment bank during this process is called book builder or book runner. runner If securities must be issued quickly, the process is called accelerated book building. buildingR.47.3 Organization of the securities marketHow securities are sold through primary market- Sold Privately :• Private placement Securities are sold directly to qualified investors, typically with the assistance of an investment bank. • Shelf registration In a shelf registration a firm makes its public disclosures as in a regular offering, but then issues the registered securities over time when it needs capital and when the markets are favorable. • Dividend Reinvestment Plan A dividend reinvestment plan (DRP or DRIP) allows existing shareholders to use their dividends to buy new shares from the firm at a slight discount. • Rights Offering In rights offering, existing shareholders are given the right to buy new shares at a discount to the current market price.41-161 41-100% Contribution Breeds Professionalism42-161 42-100% Contribution Breeds ProfessionalismExampleA German publicly traded company, to raise new capital, gave its existing shareholders the opportunity to subscribe for new shares. The existing shareholders could purchase two new shares at a subscription price of €4.58 per share for every 15 shares held. This is an example of a(n): A. rights offering. B. private placement. C. initial public offering.R.47.3 Organization of the securities marketSecondary Capital Markets• • The secondary market is the place where securities are traded after their initial offerings. The secondary market supports the primary market by providing: Liquidity Investors who buy stocks in the primary markets want to sell then again to acquire other securities such as risk free bonds and cash. Price discovery New issues of stocks and bonds are based on prices in the secondary markets.43-161 43-100% Contribution Breeds Professionalism44-161 44-100% Contribution Breeds ProfessionalismR.47.3 Organization of the securities marketSecondary Capital Markets• When securities are traded in a secondary market Call Markets Trading for individual stocks occurs at specific times. All bids and asks are gathered and then a negotiated price is produced to make the demand quantity as close as possible to the supply quantity. Continuous Markets Trades occur at any time when market is open. The price is determined either by an auction process or through a dealer bid-ask process. There are differences between dealer markets and an auction market in continuous markets.R.47.3 Organization of the securities marketLos j. describe how securities, contracts, and currencies are traded in quotedriven markets, order-driven markets and brokered markets; Secondary Capital Markets• How securities are traded in Secondary Markets Order-Driven Market Quote-Driven Market Brokered Markets45-161 45-100% Contribution Breeds Professionalism46-161 46-100% Contribution Breeds ProfessionalismR.47.3 Organization of the securities marketSecondary Capital Markets• • How securities are traded in Secondary Markets- Order-Driven Market Two sets of rules are used in these markets: Order matching rules: establish an order precedence hierarchy. Price priority: trades with the highest bid (buy) and lowest ask (sell) prices are traded first, this is so-called price priority. Secondary precedence rule: if orders are at the same prices, the earliest arriving orders are traded first. Trade pricing rules: are used to determine the price after orders are created using order matching rules. Under the uniform pricing rule, all orders trade at the same price, which is the price that results in the highest volume of trading. The discriminatory pricing rule uses the limit price of the order that arrived first as the trade price.47-161 47100% Contribution Breeds ProfessionalismR.47.3 Organization of the securities marketSecondary Capital Markets• How securities are traded in Secondary Markets Quote-Driven Market QuoteQuote-driven market is also referred to as a dealer market, a pricedriven market or an over-the-counter market. Individual dealers provide liquidity for investors by buying and selling the shares of stock for themselves. Numerous dealers compete against each other to provide the highest bid prices when investors are selling and the lowest asking price when investors are buying stock. Brokered Markets In brokered markets, brokers trade with the counterparty they find. This service is especially valuable when the trader has a security that is unique or illiquid.48-161 48100% Contribution Breeds Professionalism。
CFA 计算器讲义
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0.0000 PV= 120,000.0000 I/Y=0.7604 N=360.0000 PMT=-976.3596
简单思路:不管题目如何变化,把支付的期看作”年”, N为支付的期数, I/Y 为期利率. 专业来自百分百的投入
Copyright 2009 By GFEDU
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TVM例子 TVM例子
0
1
25
(30)
55
PV’: (annuity due) N=30, PMT=25000, I/Y=10, FV=0, CPT: PV PV’=PV× (1+10%) PMT: (ordinary annuity) N=25, PV=0, I/Y=12.5, FV=PV’, CPT: PMT 专业来自百分百的投入
Copyright 2009 By GFEDU
2
金程教你使用计算器
TI BA II PlusTM高级商务分析 计算器使用指南
赞助：大成智博──TI中国总销售
专业来自百分百的投入
Copyright 2009 By GFEDU
3
第一部分： 第一部分：入门操作
开关机
自动关闭电源功能（APDTM):大约在10 10分钟内没有按任何健 自动关闭电源功能（APDTM):大约在10分钟内没有按任何健 时将自动关闭计算器。 时将自动关闭计算器。
专业来自百分百的投入
I/Y= N= PV=
10.0000 6.0000 239.539.3385
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Copyright 2009 By GFEDU
后付年金
操作步骤 按键 显示
将还款方式设为期末 还款 返回到标准计算模式 输入每个周期的还款 额 输入年利率 输入还款周期数
2023金程cfa二级百题
2023金程cfa二级百题
金程CFA二级百题是针对CFA（注册金融分析师）考试而设计的题目集，旨在帮助考生更好地备考和通过考试。
这些题目由经验丰富的金融专业人士和CFA协会认证的培训机构金程教育提供，具有很高的参考价值。
要获取2023年金程CFA二级百题，您可以考虑以下几种途径：
1. 在金程教育的官方网站或APP上购买CFA二级百题产品。
您可以在网站或APP上搜索“CFA二级百题”或“2023 CFA二级百题”等关键词，找到相应的产品并购买。
2. 在一些金融考试备考网站或论坛上搜索相关的CFA二级百题资料。
有些考生可能会分享他们的备考资料，包括金程CFA二级百题。
您可以在这些网站或论坛上搜索相关的资料，并下载或购买。
3. 咨询CFA协会或当地CFA培训机构。
他们可能会提供有关CFA二级百题的更多信息，或者提供其他备考资料和建议。
需要注意的是，为了确保题目的准确性和完整性，建议您从官方渠道或认证培训机构获取金程CFA二级百题。
同时，请注意保护知识产权，不要将他人的知识产权用作商业用途或传播给他人。
CFA考试报名 培训教材
CFA考试报名CFA培训教材CFA是什么CFA是Chartered Financial Analyst的简称，中文全称是注册金融分析师，是证券投资与管理界最具权威的一种职业资格称号，由美国注册金融分析师学院(ICFA) 发起成立，是金融证券领域全球公认的最为严格与含金量最高的资格认证，因此也被称为“全球金融第一考”。
CFA在投资金融界被誉为“金领阶层”，在西方一直被视做进军华尔街的“入场券”。
美国、加拿大、英国等国家的许多投资管理机构甚至已经把CFA资格作为对其雇员入职的基本要求（华尔街证券交易所和新加坡证券交易所定性要求CFA二级以上，并且也会进行入职前的专项考核评估）。
CFA的全球公认性会使你的雇主马上认知你对金融市场知识的掌握程度和深度。
你会有效学习如何分析股票，债券，衍生工具和财务比例从而加强你在金融投资行业的工作能力。
通常获得CFA之后的价值会体现在雇主给你的收入水平上。
因此，长久以来CFA一直被视为金融投资界的MBA，在全球金融市场更为抢手。
希望在金融投资界领域的人，CFA资格是一个非常明智的选择。
我国著名经济学家厉以宁先生也认为，CFA资格是国际通行的、最具权威的金融分析领域的行业标准。
CFA考试CFA考试自2000年进入中国大陆地区，其注册机构为中华人民共和国劳动和社会保障部，并于2002年9月取得授权，其中方合作机构为上海交通大学现代金融研究中心。
根据劳动部部要求，从2004年12月开始，中国大陆的CFA Charter holder同时获得CFA Institute 在华颁发的CFA 英文版和中文版两份证书。
中文版证书经劳动部认证，旨在保护CFA考试在中国的合法性，同时提供该中文版证书的网上检索功能。
CFA考试分为一、二、三级共三个阶段，考过前一阶段，才能参加下一阶段考试。
第一级考试时间每年6月和12月各举行一次；第二级及第三级考试每年均于6月同时举行一次。
参加第一阶段考试者，需具备以下条件：1）拥有学士学位或相当的专业水准以上，对专业没有任何限制；2）大学学习年限与全职工作经验合计满四年；3）如果申请人不具备学士学位，而是具备相当的专业水准，也可被接受为候选人。
cfa是什么证书
cfa是什么证书cfa是什么证书CFA是特许金融分析师证书。
CFA是由美国投资管理与研究协会(AIMR)于1963年开始设立的特许金融分析师职业资格认证。
CFA考试分为三个级别的考试，每个考试的内容都建立在上一个考试的基础上，只有通过前一阶段的考试，才有资格进入下一阶段的考试。
CFA是当今世界证券投资与管理界普遍认可的一种职业称号，在全球投资行业最高水平的代表。
如何考取cfa1、依次通过三个级别的考试。
2、具有四年或以上的CFA认可的与投资决策过程相关的专业工作经验(相关经验可在CFA考试前、考中、考后积累)。
3、提交两封引荐人Sponsor的推荐信，两位引荐人要求分别是CFA协会的常规会员(regular member)和申请人的主管(supervisor)，两名引荐人中至少要有一名是申请人正在申请的协会正式会员，并不非要是cfa持证人才可推荐。
4、申请成为CFA及所在地协会的会员资格(membership)。
5、承诺遵守CFA协会的道德与行为准则。
CFA考试需要准备多久?一般来说，备考CFA考试需要的时间至少为6个月。
制定备考计划：备考计划包括考试时间、备考时间、学习计划和复习计划等。
学习教材：CFA考试的教材非常丰富，需要认真学习每一本教材，掌握每一个知识点。
做题练习：做题是CFA考试备考过程中非常重要的环节，需要做一些模拟试题，进行模拟考试练习。
参加课程培训：参加CFA考试的课程培训可以帮助考生更好地掌握知识点和考试技巧。
复习备考：在备考过程中，需要进行复习备考。
可以制定复习计划，每天复习一定的知识点和题目。
2023年11月CFA一级考试时间2023年11月CFA一级考试时间：2023年11月11日-2023年11月17日，CFA二级考试时间：2023年11月18日-2023年11月22日，考试科目如下表：CFA考试科目权重最新版科目名称CFA一级CFA二级CFA三级职业道德伦理15-20%10-15%10-15%数量分析8-12%5-10%0经济法8-12%5-10%5-10%财务报表分析13-17%10-15%0公司金融8-12%5-10%0权益投资10-12%10-15%10-15%固定收益10-12%10-15%15-20%衍生品5-8%5-10%5-10%另类投资5-8%5-10%5-10%投资组合管理5-8%10-15%35-40%cfa证书的用处提升职业竞争力：CFA证书是国际金融界公认的职业资格证书，持有CFA证书可以在求职过程中提升自己在金融领域的竞争力。
2023金程cfa二级百题 (2)
2023金程cfa二级百题引言概述：2023年的金程CFA二级考试是众多金融从业者和学生所关注的焦点。
为了帮助考生更好地备考，本文将针对2023金程CFA二级考试的百题进行详细的解析和分析。
通过对这些题目的深入研究，考生可以更好地掌握考试的重点和难点，提高备考效果。
正文内容：1. 宏观经济学1.1 国内生产总值（GDP）的计算方法及影响因素1.2 通货膨胀和通货紧缩的原因和影响1.3 货币政策的工具和目标1.4 经济周期的特征和影响因素1.5 货币供应量和货币乘数的关系及其对经济的影响2. 金融市场和投资工具2.1 股票市场和债券市场的特点和功能2.2 股票和债券的基本概念和区别2.3 衍生品市场的种类和特点2.4 投资组合的构建和管理方法2.5 金融市场的有效性假说及其对投资者行为的影响3. 公司金融3.1 资本预算决策的基本原理和方法3.2 股权融资和债权融资的优缺点3.3 公司估值方法和指标3.4 资本结构的影响因素和优化方法3.5 公司治理的原则和机制4. 金融报表分析4.1 财务报表的基本结构和内容4.2 财务指标的计算和分析方法4.3 资产负债表和利润表的关系和分析4.4 现金流量表的作用和分析方法4.5 财务报表的调整和重分类5. 估值和投资分析5.1 股票估值方法和指标5.2 债券估值方法和指标5.3 企业估值方法和指标5.4 投资决策的基本原理和方法5.5 风险管理和投资组合的优化总结：通过对2023金程CFA二级百题的详细阐述，我们可以看到，这些题目涵盖了宏观经济学、金融市场和投资工具、公司金融、金融报表分析以及估值和投资分析等多个重要知识点。
考生在备考过程中，应该注重对这些知识点的理解和掌握。
同时，还需要注重题目的实际应用和解决问题的能力培养。
通过不断的练习和思考，考生可以更好地应对2023金程CFA二级考试，取得优异的成绩。
注册金融分析师报考条件
注册金融分析师报考条件xx年度成为注册金融分析师CFA的首要条件注册金融分析师（CFA）考试总共分为三个级别，考生需要根据级别依次进行，能够迈进CFA三级考试殿堂的考生都有着过人的毅力和专业水平，这里金程CFA告诉大家CFA三级考试课程着重于投资组合管理，还包括投资工具的使用战略，以及个人或机构管理权益类证券产品、固定收益证券、金融衍生产品和其他类投资产品的资产评估模式。
三级考试（Level3）的考试形式是50%的论文写作及50%的案例题分析。
伦理和职业道德标准是CFA三个级别考试课程中均强调的内容。
CFA考生只要完成三个阶段6个小时的CFA考试，持有学士学位或累积至少四年投资决策相关经验，以及遵守CFA的道德标准守则(Code of Ethics and Standards)，这样便可以得到特许财务分析师(CFA)资格。
只要拥有一个大学学士学位，无论是哪个学系毕业，均可报考CFA 考试。
可是，无论考生在大学所修读的是与CFA内容相关的学系、学位、资历或专业经验，考取CFA都不会获得任何豁免。
CFA考试主要量度考生应用投资原则的能力及专业操守。
第一阶段的课程及考试针对投资评价及管理的不同投资工具及概念；第二阶段着重资产评价，第三阶段则深入探讨投资组合管理。
而且，全球的CFA课程与考试都是一样的，考试均使用英文。
本文出处：cfa.gfedu./list5_1.html更多CFA资料下载 >>cfa.gfedu./edm/getinfo/index.html 学金融，找金程！力做您可信赖的财经培训专家！1 - 1xx年6月注册金融分析师CFA考试报考指南CFA是“注册金融分析师”或“特许金融分析师”（Chartered Financial Analyst）的简称。
是国际通行的金融投资从业者专业资格认证，是美国以及全世界公认金融证券业最高认证书，也是全美重量级财务金融机构的分析从业人员必备证书。
CFA一、二、三级考纲对比总结_金程版
【CFA一级考纲对比总结】一、新增部分：1、SS3 R11新增内容b. distinguish between one-tailed and two-tailed tests of hypotheses;2、SS4 R13新增内容e. describe the concept of equilibrium (partial and general), and mechanisms by which markets achieve equilibrium;3、SS8 R28新增内容f. explain the requirements for segment reporting, and calculate and interpret segment ratios;4、SS10 R34新增内容a. describe reasons for investors to assess the quality of cash flow statements;5、SS12 R42新增内容c. describe defined contribution and defined benefit pension plans;6、SS15中的新增R52、R53、R54。
SS15变动最大，本章内容全部更改。
7、SS16变动较大，更改了大标题，新增R55全部内容。
二、删除内容：1、SS5 R18删除内容j. identify the past, current, or expected future business cycle phase of an economy based on economic indicators.2、SS9 R32删除内容j. describe defined contribution and defined benefit pension plans;3、SS11 R36删除内容f. describe and account for the relative popularity of the various capital budgeting methods and explain the relation between NPV and company value and stock price;4、SS15中删除R52、R53、R54、R55。
CFA三级SS5 个人IPS 人力资本和税收_金程教育
索引1.慈善转移：做好事不但心情好，还能得双重税收优惠 (2)2.全球财产规划中的税收因素：双重税负问题的解决方案 (2)3.投资风险与投资阶段：低成本股票投资者分散风险的路径 (4)4.人力资本与资产分配—财务资本和人力资本的结合 (4)5.集中持有(Concentrated Position)的处理方法：成本和好处的权衡 (6)6.买不买，如何买：寿险 (7)SS5个人IPS 人力资本和税收1. 慈善转移：做好事不但心情好，还能得双重税收优惠在绝大多数国家，对于向非盈利机构或慈善机构的捐赠(Charitable gratuitous transfers ）都可以两个层面，一共双层税负减免：首先，捐赠本身通常可免除捐赠税，也就是下式的分子左部份；其次，进行慈善捐赠通常允许减免所得税。
另外，慈善机构的投资收益通常也是可以免税的。
可以用下面的公式表示慈善捐赠相对遗赠的相对价值：()()()()()1111111n n g oi e ie e CharitableGift CharitableGift n Bequest e ie e r T r t T FV RV FV r t T ⎡⎤+++--⎣⎦==⎡⎤+--⎣⎦ 其中：●(1)n g r +慈善机构接受捐赠后的投资收益部分（免税），此为第一层税收优惠； ● oi T 是由于进行慈善捐赠所减免的所得税部分；● 这部分节省的资金由个人进行投资，每年的投资收益是e r ，缴纳ie t 的所得税，累积n 年后的总值为[]1(1)+-ne ie r t ,作为遗产转移时缴纳税率为e T 的遗产税。
而假设捐赠人立即将该笔资产赠予慈善机构后，捐出1元即可少交oi T 的税。
显然，由于税收免除的优势，进行慈善捐赠可以帮助捐赠者实现用一定的资金实现（税后）捐赠金额的最大化，或者用更少的（税前）捐赠款实现既定捐赠金额的目标。
由此，就会发现看似很长的公式存在着清晰的逻辑，可以更好地理解和记忆，避免考试时错记漏记公式带来的损失。
level candidate 分别是指哪一类人？
1 - 1
level I/II/III candidate 分别是指哪一类人？
由于CFA 考试分为三个级别，并且考生必须根据规律一个一个级别依次进行，因此考生最短通过考试需要两年半。
在这两年半中不免出现考生跳槽、离职甚至转行等情况，那么届时考生如何在简历上体现自己的考生级别呢？level I/II/III candidate 分别是指哪一类人？金程CFA 小编告诉你：
Candidate 的意思是候选人，所以CFA candidate 指的是报考了CFA 考试但还未通过考试的人。
CFA level I candidate 是指已经报名CFA 一级考试但尚未参加的考生；CFA level II candidate 是指已经通过CFA 一级，并且已经报名二级考试但尚未参加的考生；CFA level III candidate 是指已经通过CFA 二级，并且已经报名三级考试但尚未参加的考生；
需要注意的是如果考生没有报名参加下一级别的考试不能称自己为Candidate ，只能在事实上陈述自己已经通过二级考试
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学金融，找金程！力做您可信赖的财经培训专家！。
高顿和金程cfa培训哪个好
高顿和金程cfa培训哪个好
高顿和金程cfa培训相比各有千秋，但是我个人还是推荐去高顿教育，师资水平比较高，
而且身边很多人都在这里报名，成功的通过了考试。
CFA是全球投资业里最为严格与高含
金量资格认证，被称为全球“金融第一考”的考试，为全球投资业在道德操守、专业标准
及知识体系等方面设立了规范与标准。
自1962年设立CFA课程以来，对投资知识、准则
及道德设立了全球性的标准，被广泛认知与认可。
目前市面关于特许金融分析师CFA认证
考试的辅导机构种类繁多，我们该如何在这么多机构中选择专业的适合自己的来辅助备考
无疑是重中之重。
高顿教育专注于财经网络教育，融合了上海财经大学百年教学辅导资源，拥有国内科学的网络教学体系，高顿网校将始终秉承”建立国际化财经培训基地，培养世
界级财务金融人才"的企业使命，加快国际化进程，打造全球专业的财经网络学习平台。
2011金程教育CFA一级源代码系列NO.3权益专题
Ending value of investment = $27*100 shares=$2,700
Dividends = $0.50*100 shares = $50.00
Transaction costs (Commission) = (0.03*$2,000) + (0.03*$2,700) = $60 + $81=
more than 100%, whereas the potential losses are unbounded.
4. Computation of the Price Triggering a Margin Call when margin purchase ¾ Margin Call Price for a Long Position
minimum amount of equity in their positions. This minimum is called
the maintenance margin requirement. ¾ The maximum leverage ratio = 1/minimum margin requirement. If the
1-7 专业来自百分百的投入
金程教育
专业·领先·增值
隔夜拆解利率低 0.1%
¾ Traders who sell securities short are also subject to margin
requirements, because they have borrowed securities. Initially, the
$5.3 million and an expected total cost of $4.4 million. The following table provides cash
CFA,AIA,ACCA,CIMA,AICPA,CICPA,CMA的详细比较
CFA,AIA,ACCA,CIMA,AICPA,CICPA,CMA的详细比较凭心而论在这个信息如此发达同时竞争如此激烈的社会，手上没有几张有实力的证书，很难再往上进行晋升。
现在社会上的证书很多，多的大家都已经产生了幻觉，迷茫了不知道未来怎么考试。
在这里金程CFA小编为大家介绍几张不为各位熟知，但是很有用的证书。
AIA VS CFA一成本考试成本就不用说了，AIA每年的年费就是70镑，然后考一科又是70镑，16科算下来，实在不是一个小数目，而且这还是在你一次通过的情况下，如果不争气的，差不多会浪费几百英镑。
CFA，更是够狠，注册费加第一次的考试费，就是1000多刀。
以后考一次500刀。
全都考下来，很顺利的说，2500刀还是要的，但是社会上三个级别每次都很顺利的通过的人，几乎可以进入名人堂了。
二通过率单单从统计数据上看，两者的通过率都还差不多，大概都在50%以下，40%左右浮动。
但是很认同吴同学关于两个考试的说法，她说，acca要求的程度是pass，的确，AIA考试的总分100分，你只要50分就算通过。
而CFA则要求你有distinction，换句话说，100分的题，你要答对70分才能通过。
大抵按照这个说法。
三适用范围哪些人适合考呢?最废话也是最实在的一句话，所有从事财经领域的人都适用。
非要具体一点呢，AIA比CFA的适用范围更广一点，更基础一点。
如果以后想着进公司，朝着AIA的方向发展，那，AIA是你的不二法门。
但是，当你真的有一天坐到了CFO的位置上，你就发现，cfa也是很有用的一个东西，不在于这个证书本身，而是这个证书带给你的专业眼光，可以保证你更加有效的管理公司的资金，通过金融工具控制风险，优化资本结构。
当然，这年头，学商科的人千千万万，可是能有机会坐到cfo位置上的，少之又少，如果自认自己也没那个命，cfa大抵上是没什么太大的用处的。
如果你一心想着走投资这条路，想着做基金，想着一夜暴富，想着享受上千万的现金流从你手上滚来滚去的感觉，那千万别犹豫，去投身到cfa的大军中去吧，不光是cfa，什么FRM，CIIA,CISI 和投资有关的，和风控有关的，能考的，还是挨个考一考吧，这个时候，AIA，大抵只是你投资分析过程的一个工具，有了AIA的基础，大抵在会计的问题上，不会碰到任何问题了。
CFA三级知识点梳理SS3-金程教育
索引1.有限理性（bounded rationality）-凑合一下也就这么过 (2)2.后悔厌恶偏差（Regret-aversion bias）--红玫瑰和白玫瑰 (2)3.过度自信偏差—每个人都自以为是，经常伴随Cognitive error出现 (3)4.分析师的过度自信行为—你不要假装是股神，利弗莫尔还饮弹自尽了 (3)5.怎么记住各种bias-富人任性，农民上当 (4)三级重要知识点梳理SS31.有限理性（bounded rationality）-凑合一下也就这么过传统决策理论认为，决策者拥有完全信息，能够进行准确的数量计算，是完全理性的。
行为金融学提出了有限理性（bounded rationality）假设。
有限理性假说放松了传统理论的完全信息（perfect information）假设。
有限理性假设认为，个体的选择是理性的，但是会受到自身知识和认知能力的局限。
关于有限理性的表述：人们决策时并非完全理性，也并非必然寻求最优化（optimize），而是满足（satisfice）即可。
所谓满足，指的是人们觉得自己有足够的信息就行，觉得自己对信息处理得较为充分就行；他们更容易盯住分层目标（sub-goals），而不是费力寻求整体的最优结果；当决策达到他们自己满意的参数范围之内时，通常他们就会适可而止。
总之，有限理性的人们努力寻找的是可接受的足够好的（acceptable and adequate）决策，而不是像完全理性人那样寻找理想的效用最大化的方案。
在考试中请注意与bounded rationality对应的是传统理论决策中的完全信息假设。
相应的行为是投资者不是收集全部相关信息，而是在已有基础上进行满足要求的选择。
2.后悔厌恶偏差（Regret-aversion bias）--红玫瑰和白玫瑰后悔厌恶偏差（Regret-aversion bias）指的是人们因为害怕决策失误而避免做出决策的情绪偏差，换句话说，人们试图避免糟糕决策导致的后悔的痛苦。
2023年通过CFA三级考试后如何快速成为持证人
通过CFA三级考试后如何快速成为持证人？
2023年6月通过CFA三级考试的考生现在考虑最多的一个问题就是如何成为CFA持证人？金程CFA小编告诉大家，通过考试只是成为CFA的第一步而已，接下来尚有哪些规定呢？
四年年的被CFA协会所认可的工作经验。
涉及：在投资决策过程(如金融分析、投资管理、和证券分析等等)中收集、评估及应用金融、经济和记录数据;直接或间接主管别人进行上述活动;从事上述投资决策活动的教学培训工作等等。
其中假期、兼职和实习期间的工作经验不予认可。
工作经验的积累可以在参与CFA考试之前，期间或以后都可以累计，即可申请获得CFA认证。
满足CFA协会会员资格规定(其中很大部分是职业行为和道德准则规定)并申请成为一名CFA 协会的成员。
参与CFA认证是耗时耗力但极具回报价值的投资。
在经历上述艰苦的学习过程和达成CFA 协会近乎苛刻的规定后，候选人可以获准使用CFA称号。
在CFA项目开设以来的51年里(截止于2023年)拥有CFA资格是一个投资决策管理从业人员高执业水平和道德水准的有力证明。
世界各重要发达国家的相关行业都将其作为一个行业高水平人员的衡量标准，对获得CFA资格者委以重任，报以高薪，成就金融职业生涯顶峰。
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金程 cfa 一级 冲刺笔记
一、金程CFA一级冲刺笔记1.1 为什么选择金程CFA一级作为金融领域的从业者，我深知CFA（Chartered Financial Analyst）资格证书在行业里的重要性。
CFA证书的获得需要通过三个级别的考试，其中CFA一级是第一关。
在选择培训机构时，我经过了大量的调研，最终决定报名金程CFA一级培训班。
我之所以选择金程是因为该机构在CFA培训领域有着良好的口碑和丰富的教学经验，能够为学员提供系统、全面的备考辅导。
1.2 金程CFA一级培训特点金程CFA一级培训班的特点主要可以总结为以下几点：- 专业教师：金程拥有一支经验丰富、业内知名的教学团队，他们不仅掌握了CFA考试的最新动态和命题规律，还能够结合学员的实际情况进行针对性指导。
- 精心设计的教学大纲：金程根据CFA一级考试大纲，结合自身的教学理念和方法，设计出了系统完整的培训课程，覆盖了考试的各个知识点，能够有效帮助学员系统理解各项知识点并进行快速复习。
- 优质服务：金程注重学员体验，为学员提供了良好的学习环境、优质的学习资料和完善的售后服务，让学员可以在学习的过程中感受到良好的学习氛围。
1.3 学习笔记的重要性在备考CFA一级考试的过程中，良好的学习笔记是非常重要的。
通过记录重要知识点、重点题型和解题技巧，学习笔记能够帮助学员复习和巩固知识，提高学习效率，为考试打下坚实的基础。
二、金程CFA一级冲刺笔记2.1 笔记的整理方法在学习CFA一级课程的过程中，我采用了以下几种方法来整理我的学习笔记：- 按章节整理：根据课程大纲，将每个章节的重点知识点、公式和解题技巧进行整理，形成章节笔记。
- 制作思维导图：将各个知识点之间的逻辑关系、通联以及区别进行整理，以思维导图的形式呈现，有助于整体把握各个知识点。
- 录制语音笔记：对于一些长篇知识点或者难点，我会用录音或者语音笔记的形式记录下来，以便在需要的时候进行回放复习。
2.2 笔记的内容我的学习笔记主要包括以下内容：- 重点知识点的整理和总结- 公式的归纳和运用- 解题技巧的归纳和举例- 题型的分类和总结- 考点的梳理和理解2.3 笔记的使用在备考阶段，我的学习笔记发挥了重要作用：- 复习时，通过翻阅自己的学习笔记，能够快速回忆起之前学习过的知识点，节省了复习时间。
注册金融分析师、RCA、证券分析师、股票分析师各有什么不同？
金程教育 专业·领先·增值注册金融分析师、RCA、证券分析师、股票分析师各有什么不同？对于金融不是很了解的人一定对于金融行业的“分析师”这个岗位感到疑惑，到底分析师是干什么的？分析什么？其实分析师不过是一个统称，分析师也分为很多种类：如注册金融分析师、RCA、证券分析师、股票分析师等等。
那么金程CFA小编告诉大家这四者之间有何不同？注册金融分析师又称CFA，它是证券投资与管理界的一种职业资格称号，由美国“特许金融分析师学院”(ICFA)发起成立，每年在全球范围内举行资格考试。
CFA 协会主办的CFA课程和考试被认为全球投资专业里最为严格的考试，在投资知识、专业标准及道德操守方面制定了全球准则。
因此，CFA特许状被投资业看成一个“黄金标准”，投资者也希望找到那些持有CFA特许状的专业人士，因为这一资格被认为是投资业界中具有专业技能和职业操守的承诺。
RCA又称注册特许分析师，注册特许分析师公会(The Association of Registered Chartered Analysts，简称Association of RCA)在1999年成立，是全球首个集合管理、财务、金融、商业多领域的分析师团体，总部设在美国，RCA公会为制定高标准的专业道德准则（Code of Ethics）、教育（Education）被众多国家和地区的企业所认可和采用。
公会在全球首创使用并颁发“RCA注册特许分析师”和“FRCA资深注册特许分析师”资格认证职衔。
目前全球会员超过15000人，目前主要分布美国、加拿大等北美地区。
证券分析师在中国又称为股评师，他们是依法取得证券投资咨询业务资格和执业资格，就证券市场、证券品种走势及投资证券的可行性，以口头、书面、网络或其他形式向社会公众或投资机构提供分析、预测或建议等信息咨询服务的专家。
股票分析师是证券公司的员工，具体工作就是分析大盘，预测股市行情，服务好客户，让更多的客户来自己的证券公司开户、理财等等。
高顿和金程cfa哪个好
高顿和金程cfa哪个好
高顿和金程cfa培训相比而言，高顿教育要好。
CFA考试主要量度考生应用投资原则的能
力及专业操守。
CFA分为三个等级的考试，其中，CFA一级的课程及考试针对投资评价及
管理的不同投资工具及概念；CFA二级着重资产评价，CFA三级则深入探讨投资组合管理。
另外，全球的CFA课程与考试都是一样的，考试均使用英文，因此选择一个优秀的培训机
构非常重要。
之所以推荐的是高顿教育，主要是因为这家机构专注于财经网络教育，融合
了上海财经大学百年教学辅导资源，拥有国内科学的网络教学体系，高顿网校将始终秉承”建立国际化财经培训基地，培养世界级财务金融人才"的企业使命，加快国际化进程，打
造全球专业的财经网络学习平台。
金程CFA一级冲刺宝典-组合管理SAMPLE
专业·经验·增值
组合管理 Study Session 12 组合管理
一、知识框架图
The four-step portfolio management (investment) process Investment policy statement
The Asset Allocation Decision
The characteristic line
Regress the return of security against that of market, and then we get the characteristic line. Rstock,t = alpha + Beta (Rmarket,t) +e
2 2
The term (ERM-Rf) is called the market risk premium
Capital asset pricing model (CAPM)
The equation of the SML is called the capital asset pricing model. The CAPM is an equilibrium model that predicts the expected return on a stock given the expected return on the market, the stock’s beta coefficient and the risk-free.
Efficient frontier
Portfolios on the efficient frontier are efficient in that there is no other combination of stocks that offer that high a return for the risk taken, or offer that low risk for a given level of return.
0906SHCFA二级强化班-衍生证券分析-林晨雷
10is an agreement that obligates one is the predetermined price in the contract a forward contract is the process ofof a forward contract means determining Forward contracts on a dividend-paying stock or on anCoupon bonds are similar to dividend-paying stocks,209is a forwardThe forward price in an FRA is the no-arbitrage224FP Theoretically, the no-arbitrage price of a futuresThe value of a futures contract is zero at contract Underlying: $1 million face value 90-day T-bill at the Eurodollar time deposit: add-on instrument Underlying: $100,000 par value T-bonds with anygives one party the right, but notThe underlying assumptions of the Black-Scholes-underlying stock price专业来自百分百的投入CopyRight2009By GFEDU7. The Option Gamma P274The gamma defines the sensitivity of the option deltaPut-call parity for options on forwards or futures:is an agreement between two parties An plain vanilla swap is identical to exchange a fixed-rate bondThe market value of a swap (to the pay-fixed side) is The notional principals are exchanged at initiation and Some days later, the term structures in both countriesThe fixed-rate side can be valued just like a plain is an option to enter into a swap plain vanilla interest rate swaption at The credit risk in a swap varies during its lifeCalculate the swap rate of a 1-year quarterly-pay plain A 1-year quarterly-pay payer swaption with the swapprovides compensation。
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金程CFA(北京)培训中心CFA一级课表安排(针对07年6月一级考试)招生简章
月份日期星期上午9－12 下午1－4 上课老师
2007年1
月13 六伦理/公开课职业伦理学
汤震宇14 日职业伦理学职业伦理学
20 六数量分析数量分析
林晨雷21 日数量分析组合管理
27 六固定收益证券分析固定收益证券分析
王老师28 日固定收益证券分析固定收益证券分析
2007年2
月3 六财务分析财务分析
陈磊4 日财务分析财务分析
2007年3
月
3 六财务分析财务分析
4 日企业理财企业理财
10 六经济学经济学
谢书英11 日经济学经济学
17 六权益类投资分析权益类投资分析王老师24 六衍生证券分析衍生证券分析
林晨雷25 日衍生证券分析其他类投资分析
以上为基础课程 A
2007年4
月21 六财务分析财务分析
薛隽 / 陈磊22 日财务分析企业理财
2007年5
月3 四职业伦理学经济学
汤震宇4 五
组合管理/数量分
析
固定收益证券分
析
5 六权益类投资分析
衍生、其他类投资
分析
以上为强化课程 B
2007年5
月12 六总复习总复习
集中模考
光盘讲解13 日模拟考试一模拟考试一
19 六考题串讲考题串讲
20 日模拟考试二模拟考试二
以上为模考串讲课程C
金程教育2007年CFA一级课程招生简章
(专门针对07年6月份一级考试)
一、我们的目标
学员的关注为我们的焦点，学员的目标为我们的追求，坚守“专业、经验和增值”的服务理念，努力让每个培训学员通过考试。
二、课程特色
全景班：3+2模式基础班＋强化班＋冲刺班＋两次模考。
基础课程特色
早一天准备，多一份把握。
万丈高楼平地起，扎实的知识积累是顺利地通过CFA 考试的最佳策略。
金程教育为你度身定做的CFA基础班将会引领和督促你学习进度，经过八十多次课堂讲授的师资队伍将会与你分享学习的方法，帮你解决难点和疑点，助你识别和掌握重点，使你以最有效的方式掌握考试内容。
网络课堂和丰富的VCD资料片将会使学习变得更为生动和有效。
强化课程特色
可能你还有一些疑难和困惑，可能你还未全面地将知识融汇成一个整体。
拥有丰富教学经验的金程教育师资团队将与你分享学习经验，突出重点，化繁为简，根据考纲分析历年考试的重点和难点，有针对地分析和讲解，通过重复式的讲解强化对重要知识点的把握，将零散的知识融汇成一个整体，让学员从容面对考试。
串讲课程特色
金程教育首席培训师与你分享经过连续99次的CFA一级通篇讲解的经验体会，使您在最短的时间里领会CFA一级考试的精华所在，领略一级考试的重点，洞悉一级常考点，直击考试难点。
前提纲挈领式的串讲让时间紧迫、工作忙的您将CFA一级的理论知识融会贯通，化繁为简；两天的模拟考试让您切身体会CFA全真实战演练，仿佛置身于CFA考试现场，把握CFA考试技巧，从而顺利通过考试。
三、我们的优势
专业师资富有实战经验的、专门从事CFA教学研究的专职师资队伍
丰富经验全国连续二十七次的一级培训经验，师资拥有最高百多次的讲授经历，八次二级培训经验，四次三级培训经验
增值平台：优惠的培训价格提供有价值的培训课程，搭建最有价值的人脉关系网络
诚信形象一贯信守承诺，坚持以学员通过考试为第一目标，不计成本增加课时，保障效果
权威资料经过近百次课堂讲授的总结，积累了一套专门针对中国教育背景的、行之有效的专业教材
灵活课程为上班族度身定做的优化课程和分段强化的讲授方式；提供多种补课补漏方式，如录音、录像或专门辅导等
全程服务为学员提供全过程的一站式服务，贯穿考试准备始终的学习助理，如课前督促、课中讲解和课后答疑等
不断超越
·第一家推出注册金融分析师CFA系列中文辅导教材
·第一家推出便于携带、内容精炼的精华学习卡
·第一家对外承诺“不通过考试免费重读”
·第一家提供二十四小时答疑咨询热线
·第一家跨越沪、深、穗三地培训CFA
·第一家在国内提供二级培训
·第一家对外公开学员考试通过率
四、招生对象
1、证券公司、基金管理公司、商业银行、保险公司、投资管理公司从业人员；
2、在校学生或其他想转换职业而进入投资行业的人士；
3、或有志通过2007年6月CFA第一级考试的人员。